• Bitcoin reached $106,400 within the early hours of December sixteenth.
• Cryptocurrency merchants consider that if historical past repeats itself, the following 3-4 weeks will probably be a important interval for Bitcoin
• Traders consider Bitcoin reaching $120,000 by the tip of 2024 is achievable

Bitcoin has hit a brand new all-time excessive above $106,000 following information that President-elect Donald Trump is contemplating plans to create a U.S. Bitcoin Strategic Reserve.

Within the early morning hours of December 16, Bitcoin soared above $106,400, based on information from CoinMarketCap.

On the time of publishing this text, Bitcoin has rebounded barely to $104,700. Over the previous 12 months, the world's largest crypto asset has elevated in worth by practically 148%. Bitcoin’s earlier excessive was recorded on December fifth, reaching practically $104,000.

Information of Bitcoin's rise comes after President Trump introduced that he’s contemplating making a US Bitcoin Strategic Reserve Fund much like oil reserves. President Trump advised CNBC final week.

“We’re going to do one thing nice with cryptocurrencies, as a result of we don’t need China or anybody else to do it…however different international locations are additionally accepting cryptocurrencies, and we wish to keep forward of the curve.” is.”

In reference to a query about whether or not the US would create a Bitcoin strategic reserve, President Trump stated, “Sure, I feel so.”

Ash Crypto wrote in a submit to X: If historical past repeats itself, the following three to 4 weeks are going to be huge. ”

Bitcoin is breaking out🚀

If historical past repeats itself, the following 3-4
It's going to be an enormous few weeks. pic.twitter.com/aZwi28ZeTu

— Ashcrypt (@Ashcryptoreal) December 16, 2024

Crypto-friendly administration

The incoming Trump administration is seen to be extra pleasant in the direction of cryptocurrencies than Biden's workforce.

Throughout his marketing campaign, Trump promised to make America the “crypto capital of the planet.” Since successful the US election, his workforce has already made key appointments, a lot of that are crypto-friendly.

President Trump final week nominated Paul Atkins to be the following chairman of the Securities and Change Fee (SEC). He’ll succeed Gary Gensler, who will retire on January 20, 2025.

President Trump additionally named David Sachs as his chief coverage advisor on synthetic intelligence and cryptocurrencies, calling him the “White Home AI and crypto czar.” In November, President Trump introduced that Elon Musk and Vivek Ramaswamy would lead the Division of Authorities Effectivity (DOGE) to “dismantle authorities paperwork.”

Peter McGuire of buying and selling platform XM.com advised the BBC:

“Bitcoin’s rise for the reason that election has gone parabolic, with FOMO (concern of lacking out) gaining momentum. Many traders consider $120,000 is achievable by the tip of the 12 months. There’s discuss that it’s going to exceed $150,000 by the center of 2025.